The last one year has been a nightmare for the crypto markets with the prices declining almost up to 95% from its all-time highs within the last one year.
The last week saw some signs of recovery in the prices of the crypto assets. An overview of the price movement of TRX, BSV, and Dash is given below
The number of TRON accounts has crossed a momentous milestone of 900000 accounts. Even in the bear market, its network continued to grow it has now processed more than 100 million transactions.
The TRX/USD pair which was trading in the price range of $0.01587681–$0.02990592 since mid-August had broken the range on the downside a month back. Last week when there was a recovery in the crypto market TRX again entered into this range.
The breakdown of the price on the lower side could not be held on by the bears. There was an aggressive buying interest seen at the lower levels which pushed the price back into the above trading range.
TRX has the next major resistance at $0.02990592. Once this level is surpassed, the cryptocurrency should start a new uptrend.
The BSV/USD pair had been trading within a narrow range of $80.352–$123.98 since November 26. On December 13, selling pressure broke the range on the lower side dragging the price lower but this was only for a short term with buying emerging at the lower levels, and the price climbed back to the above price range.
This clearly shows that BSV has to buy interest at the lower levels. The current upward trend took the price back to the top end of the range, though it couldn’t break the range on the upper side.
By technical, If the price manages to maintain the price of $100, the bulls are likely to break out of the above range when shall take the price to $167.608 on the upside.
On the other hand, if the cryptocurrency fails to break out of the range, it might fall back to the bottom of the range, and breaking of the same shall further reduce the price to $65.031.
Venezuelan economy has accepted Dash openly and currently out of the total 4,500 merchants accepting Dash around the globe, around 2,500 merchants are based out of Venezuela that accepts Dash payments.
With its gaining popularity, Dash’s partner Kriptomobile which managed to sell around 53,000 KRIP phones in Venezuela so far does not come as a surprise.
The price of DASH/USD pair had touched an all-time high of $1,625 in December 2017, since then it has been on a downtrend with the price following such one way and touching a low price of $56.214 in the last week. In the last week’s recovery, the price touched the three-digit mark.
Though the recovery has been impressive, it will be too early to call it a change in the trend. For the trend to change on the positive side, the price will have to consolidate at the current levels, form a base which would then signal a change in the trend. With the current buying interest continuing, the pullback can reach $120, maintaining which would take the price to $160.805, the level from where the recent downtrend started.
On the lower side, the support is at $80, a break which would take the price to $60 which is again a support level. The downtrend will further continue if the price falls below $56.214. The short-term traders can start booking profits gradually who had entered at the lower levels, for those planning to enter fresh should wait for a new buy setup to form on the weekly chart before taking fresh long positions.